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Using Home Equity truliantfcu.balancepro.org USING HOME EQUITY There are numerous benefits to owning your own • Square footage home. Not only does it provide you with a place to • Number of bedrooms and bathrooms live, but you can also often use the accumulated • Construction quality, design, and floor plan equity for a whole host of money-smart purposes. • Neighborhood Borrowing further against your home is serious • Lot size, view, and landscaping financial decision, though, and should only be done after careful research and consideration. Once you know your home’s current market value, subtract the amount you owe on your mortgage(s) Home Equity: Defined and Calculated to calculate your equity. Home equity is the part of your home’s value that Second Mortgage you own outright or, more specifically, the current market value of your home minus your outstanding If you already have a first (primary) mortgage, mortgage balance(s). Equity can be built by making another loan taken out against your home is called a a down payment to purchase the home, paying second mortgage. Second mortgages come in two down the principal of the mortgage through making basic forms: home equity loans and home equity monthly payments, and the value of your home lines of credit. Both types typically come with a appreciating (increasing). Appreciation occurs when higher interest rate than for primary mortgages market demand rises – for example, if you bought because the lender assumes greater risk – in the the home for $200,000 a few years ago, it may sell event of foreclosure, the first loan will be repaid today for $250,000 because prices for homes in before any seconds. However, because the loan your area have increased. Your property may also is still secured by the property, the interest rate appreciate in value if you made repairs or home for second mortgages tends to be lower than for improvements. unsecured debt, such as credit cards and personal loans. While most homes appreciate in value over time, it is also possible for the market value of a home to Home equity loan decrease. Economic instability is a general cause With a home equity loan, you receive cash in one of depreciation. There could also be something lump sum at closing. Once you get the money, you negative that happens to your home or in your cannot borrow further from the loan. The repayment community (such as increasing crime) that brings period is often fifteen years, although it can be as down the value. If the amount you owe on your little as five or as great as thirty years. Both the mortgage is greater than the value of your home, interest rate and the monthly payments for a home you are said to be “upside down”. equity loan are usually fixed, meaning they do not change over time. To know how much equity you have in the home, you will first have to find out its value. To get that Home equity line of credit (HELOC) number, you can either do a comparative market A HELOC is a type of revolving credit. It operates analysis or have your home professionally appraised. similarly to a credit card. You can withdraw money, up to your credit limit, at any time during the draw A comparative market analysis is an informal period. Some lenders set a minimum required estimate of your home’s market value. It is typically withdrawal amount or charge a transaction fee every done by a real estate agent, who looks at “comps” time you draw on the line. During the draw period, – comparable homes that have been sold recently. you typically are only required to pay the interest, Many agents will do this for free. You can also use a although you can choose to pay principal as well. home value calculator, which can be found on many Once the draw period is over, you may have to repay real estate websites. the full principal in one balloon payment, be allowed to repay the principal over a fixed period of time, For a more precise estimate, you may choose to pay or have the option of renewing your draw period, a qualified appraiser (which typically costs a few depending on how the HELOC is set up. hundred dollars). The appraisal takes many variables into consideration, including your home’s: COPYRIGHT © 2019 BALANCE 0119 1 truliantfcu.balancepro.org The interest rate for HELOCs is usually variable, However, you can consider what you will use the meaning it can change over time. It is usually funds for. People generally take out a home equity calculated as a base index, such as the prime loan to pay for a specific, one-time cost, such as rate (the rate financial institutions give their most credit card debt or an addition. Conversely, when creditworthy members), plus a margin. Because the people expect to use the funds over a period of time, interest rate affects your monthly payments and how a HELOC is often used. much borrowing will cost you, it is a good idea to be aware of how much the rate can increase each Tax benefits adjustment period as well as over the life of the loan. For taxpayers that itemize their deductions, the interest that is paid on a second mortgage is How much can you borrow? deductible. However there are limits – unless the loan How much you get from a second mortgage is based proceeds were used to substantially improve the on your equity since it is your equity that is serving home, you can only deduct the interest paid on the as collateral for the loan. (Of course, the lender will first $100,000 of the second mortgage or the fair consider your income as well, and you will need a market value of the home minus the first mortgage good credit score to be approved for the loan in amount, whichever is smaller. More information is the first place.) Every lender sets their own limit, available at www.irs.gov. although it is commonly less than the full amount of equity. Still, there are some lenders that may let Refinancing you borrow up to the amount of equity you have or even more. It is never recommended that you borrow Refinancing is the process of paying off the existing more than your equity, as this puts you upside down. mortgage(s) with the proceeds from a new loan and It can be difficult, if not impossible, to sell your home using the same property as collateral. The refinanced while you are upside down. mortgage becomes your new first mortgage. Refinancing can be done with your current lender or What a lender is willing to give you is not the only a different one. Unless you take cash out, refinancing factor. You should also consider what you can afford does not involve “using home equity” but it is to repay. The more you borrow, the higher your still helpful to understand the situations in which monthly payments are. Remember, home equity refinancing may be beneficial: loans and lines are secured loans. If you do not make the payments, the lender can foreclose on Refinancing to reduce the interest rate your house, just like if you do not pay your primary Interest rates constantly fluctuate, and many mortgage. homeowners refinance their mortgage because the rate they can get today is better than the one on Choosing a loan their original loan. A reduced interest rate provides Looking for a loan with a low annual percentage rate the benefit of lowering the monthly payment, which (APR – the cost of borrowing expressed as a yearly puts more cash in your pocket. Will it save you rate), is a good idea, since the lower your interest money in interest? That depends. Stretching out rate, the less borrowing will cost you. You also want the future repayment period to 30 years instead of to consider the closing costs (fees that are charged whatever time is left on your existing mortgage will to process and disburse the loan). When you apply at least partially offset the interest savings (although for a mortgage, the lender is required to give you an you can pay extra and get rid of the mortgage estimate of these costs in the Good Faith Estimate. quicker than 30 years). Additionally, when you Comfort is relevant too – if a lender is putting refinance, you have to pay most of the same closing excessive pressure on you to borrow and does not costs you paid the first time around. To determine answer questions openly, you probably want to go if refinancing to a lower rate is financially beneficial, with someone else. you can use the “Should I refinance calculator?” at www.balancepro.net/education/calculators.html. You may be wondering if it is better to get a home equity loan or a home equity line of credit. Because Refinancing to lower the payment the APR for home equity loans and HELOCs are Getting a lower payment with refinancing can be calculated differently, comparing the two isn’t easy. achieved by lowering the interest rate, extending The APR for home equity loans may include points the repayment period, and/or refinancing for less and other finance charges, while the APR for a home than what was initially borrowed. While lowering equity line is only based on the periodic interest rate. payments can provides relief to those with cash COPYRIGHT © 2019 BALANCE 0119 2 truliantfcu.balancepro.org flow problems – and possibly prevent foreclosure – and the loan’s interest rate. remember that having a lower payment means that • Single-purpose reverse mortgages are you may pay more interest in the long run.
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